Buying Euro rates of exchange have seen some of the greatest recovering on the currency markets since the flash crash 13 days ago on the Pound.
However, the few weeks of stability we have enjoyed should not lull anyone with an upcoming GBP/EUR requirement into a false sense of security.
Now that the political climate has calmed, and the only news of note this weekend about the Brexit was a disagreement over whether the langauge of the negotiations would be in French or English, market focus should be shifting towards economics once more in governing the value of the Pound and the Euro.
Frankly, based on the data sets lined up for markets to trade on this week, anyone with an upcoming Euro purchase may be wise to move sooner rather than later to avoid the downside risk seemingly pervasive in the markets over the course of the next five trading days.
The data releases to watch out for next week:
On Monday we have business confidence figures for the powerhouse of the European economy, Germany, to begin the week. Given expectations for improvement here now that the German Government have agreed to bail out Deutche Bank if need be, the Euro should gain back some of the lost ground against the Pound over the past five business days.
Following this, we have arguably the most important economic data release for the Pound since the Brexit vote coming out on Thursday. This is the currency market’s first look at growth figures for the UK in the first full quarter since June’s vote.
A recession is guaged on two consecutive quarters of negative growth. Whilst the result is not expected to show negative growth, markets are already bracing for a heavy contraction, where growth has more than halved to 0.3%.
We will not know the exact figure until Thursday morning, but with such a hefty fall expected the main variable in the marketplace currently is really how far can the Pound fall on this day. There certaintly doesnt seem to be an identifiable piece of information which could benefit Euro buyers next week.
As such given the recent four cent gains on GBP/EUR since the flash crash, Euro buyers with a view to moving at some point over the next two to three weeks may be wise to move sooner rather than later to avoid the obvious risk in the marketplace next week.
You can reach me firstly over the weekend whilst markets are closed on email@example.com to discuss a strategy for your transfer in order to safeguard your transfer and maximise your Euro return with what this current marketplace has to offer.
I have never had an issue beating the rates of exchange on offer elsewhere, so a brief conversation could save you thousands on a prospective transfer.
Euro sellers can also get in contact to discuss how to make the most of the expected movements in your favour in the timeframe you have to complete your transfer.
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